Chardan Capital Initiates Coverage on CARGO Therapeutics (NASDAQ:CRGX)

Chardan Capital initiated coverage on shares of CARGO Therapeutics (NASDAQ:CRGX) in a research report released on Monday, MarketBeat.com reports. The firm issued a buy rating and a $28.00 price target on the stock.

Several other analysts have also recently weighed in on CRGX. Truist Financial reissued a buy rating and set a $32.00 price target (down from $34.00) on shares of CARGO Therapeutics in a report on Thursday, May 16th. Piper Sandler initiated coverage on CARGO Therapeutics in a research note on Thursday, June 27th. They issued an overweight rating and a $37.00 price target on the stock. Finally, Jefferies Financial Group upped their price objective on shares of CARGO Therapeutics from $28.00 to $32.00 and gave the stock a buy rating in a research report on Friday, March 22nd. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, CARGO Therapeutics presently has an average rating of Buy and an average price target of $30.40.

CARGO Therapeutics Trading Up 3.6 %

CRGX opened at $17.20 on Monday. CARGO Therapeutics has a 52-week low of $13.14 and a 52-week high of $33.92. The business’s 50-day simple moving average is $17.90 and its 200 day simple moving average is $21.08.

CARGO Therapeutics (NASDAQ:CRGX) last issued its earnings results on Tuesday, May 14th. The company reported ($0.87) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.05) by $0.18. As a group, research analysts predict that CARGO Therapeutics will post -4.54 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Samsara Biocapital Gp, Llc purchased 294,000 shares of the stock in a transaction on Thursday, May 30th. The stock was purchased at an average price of $17.00 per share, for a total transaction of $4,998,000.00. Following the acquisition, the insider now owns 4,415,689 shares in the company, valued at $75,066,713. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.38% of the company’s stock.

Institutional Investors Weigh In On CARGO Therapeutics

Several large investors have recently added to or reduced their stakes in CRGX. California State Teachers Retirement System bought a new position in shares of CARGO Therapeutics in the 1st quarter worth $337,000. Price T Rowe Associates Inc. MD grew its holdings in CARGO Therapeutics by 38.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,093,347 shares of the company’s stock valued at $69,044,000 after purchasing an additional 854,840 shares during the period. StemPoint Capital LP increased its holdings in CARGO Therapeutics by 90.2% in the 1st quarter. StemPoint Capital LP now owns 51,126 shares of the company’s stock worth $1,141,000 after acquiring an additional 24,251 shares during the last quarter. American International Group Inc. purchased a new position in shares of CARGO Therapeutics in the first quarter worth about $237,000. Finally, Ameritas Investment Partners Inc. purchased a new position in CARGO Therapeutics in the 1st quarter valued at approximately $48,000. Institutional investors and hedge funds own 93.16% of the company’s stock.

About CARGO Therapeutics

CARGO Therapeutics, Inc, a clinical-stage biotechnology company, develops chimeric antigen receptor (CAR) T-cell therapies for cancer patients. The company's lead program is CRG-022, an autologous CD22 CAR T-cell product candidate designed to address resistance mechanisms by targeting CD22, an alternate tumor antigen that is expressed in B-cell malignancies.